Overview for 2024 It is expected that the advertising market in India will reach a value of US$15.84 billion.

The Indian advertising industry has had a remarkable resurgence, outpacing forecasts and positioning itself as one of the fastest-growing sectors globally. It emerged as the fastest-growing market in the top 10 in 2023, taking eighth place in the worldwide ad expenditure rankings. Although the digital advertising business was initially predicted to develop at a moderate rate of 8–10% in the fiscal year 2022–2023, it exceeded predictions. Digital ad spending is expected to more than quadruple, reaching US$ 21 billion by 2027–2028, driven by economic tailwinds in 2023–2024.The growth of internet and smartphone users has caused a digital change in India's advertising industry. This has spurred a booming digital ad market that is expected to grow at a 12.3% annual rate to reach US$ 7.9 billion by 2027, according to IBEF. The internet and digital platforms are dominant, yet TV and traditional marketing still have a place. With 30% of advertising spending (about Rs. 8,757 crore or US$ 1.05 billion), social media takes the lead, followed by online video at 28% (almost Rs. 8,319 crore or US$ 1 billion). Display banners make up 16% (Rs. 4,816 crore or US$ 579.2 million) and paid search accounts for 23% (Rs. 6,895 crore or US$ 892.23 million).What's in store for 2024? For long-term business growth, the dynamic Indian digital marketing environment necessitates ongoing awareness of changing trends. According to projections, by 2024, advertising income in India is expected to reach Rs. 394 billion (US$ 5.42 billion). COO of Red Matter Technologies Vaasu Gavarasana, mentor and coach for marketing at T-Hub and IIT Madras, says: "Look for big changes in marketing strategies, especially a rise in TV advertising that is predicted to reach Rs. 394 billion (US$ 4.89 billion) in 2024. Surpassing its international rivals, Out-of-Home (OOH) advertising is expected to expand at an astounding 9.9% CAGR. As with television, the digital sector is expected to make about 38% of India's total advertising revenue. Anticipate a significant increase in spending on social media marketing, driven byFurthermore, in view of the impending interim budget declaration on February 1st, 2024, Red Matter Technologies CEO and co-founder Srikant Rajasekharuni emphasizes that "the proposed tax reduction for digital platform advertising from 18% to a lower rate lies in a potential game-changer." At the moment, there is an 18% tax on digital advertisements, which is far more than the 5% tax on ads in print media.

Taking into account the rapidly expanding digital market in India, the Indian budget must review and reduce taxes on digital media in order to promote advertising and further revenue growth.A number of issues will influence the state of digital marketing and advertising in 2024. With 40% of the market, television is expected to dominate the Indian media landscape. Print media, at 13%, and the rapidly growing OTT and gaming sectors, at 8%, will follow closely behind. With a Compound Annual Growth Rate (CAGR) of 24%, the advertising-based video on demand (AVoD) market is expected to grow significantly and reach a substantial US$ 2.6 billion by 2025. This environment is favorable for digital advertisements on these platforms.According to IBEF, 600–650 million Indians are expected to actively connect with short-form videos in the future, devoting 55–60 minutes of their day to this content. India is projected to overtake the US, Japan, and China as the world's four largest TV advertising markets by 2027. Furthermore, by that same year, mobile internet advertising is expected to account for 73% of all online advertising revenue in India, further reshaping the constantly shifting landscape of digital advertising.   These advancements herald a new era of interactive marketing and innovation and mark a turning point for digital advertising, affecting companies at all levels. The future seems like a dynamic environment where companies looking to succeed will need to strategically adapt to new trends.